Economy: “We’ve done better than them” – Finance Minister says NPP has outperformed the NDC
Finance Minister Dr. Mohammed Amin Adam has expressed strong confidence that the New Patriotic Party (NPP) has outperformed the opposition National Democratic Congress (NDC) on key economic metrics.
Speaking at a UK Town Hall meeting, the Karaga legislator asserted that the NPP’s economic achievements leave the NDC with little to leverage in their campaign for the 2024 elections.
Dr. Adam highlighted the successful completion of Ghana’s debt restructuring program with official creditors, announcing the restructuring of $5.1 billion in debt along with the conclusion of a $13.1 billion restructuring with Eurobond holders.
He projected that the cedi would appreciate against the dollar, predicting increased investor confidence and a clearer growth trajectory for Ghana.
“This election is ours to win; the NDC can no longer compete”, the Finance Minister declared, emphasizing that the NPP’s record surpasses that of the NDC in terms of economic size, per capita income, job creation, and overall economic growth.
“On the economy, our record is better than their record. On the size of the economy, we’ve done better than them. On per capita income, we’ve done better than them. On job creation, we’ve done better than them. On economic growth, we’ve done better than them.”
The government recently secured delayed interest payments and extended maturity dates in its restructured debt deal with bilateral creditors. To meet its IMF target, Ghana’s $77 billion economy needs to reduce debt to 55% of GDP by 2028, down from 109% before the restructuring began. The current agreement with bondholders is expected to leave debt slightly above this target.
Ghana’s economy expanded by 2.9% in 2023, outperforming the IMF’s initial target of 1.5%. This growth allows for a revised Debt Sustainability Analysis (DSA) to accommodate the bondholder agreement. Ghana initiated its debt revamp over a year ago as part of an IMF deal, reaching a preliminary agreement with bilateral creditors in January to restructure $5.4 billion under the Group of 20 Common Framework for Debt Treatment.
